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Caledonia Completes Bilboes Purchase


Victoria Falls Stock Exchange listed Caledonia Mining Corporation has today completed the acquisition of gold mining concern Bilboes Gold Limited in a development that consolidates the company’s position as a leading player in the sector.

Speaking on the development, Caledonia Chief Executive Officer, Mark Learmonth, said the purchase is a step in the right direction as the company seeks to be a multi-asset gold producer.

“Completion of the Transaction is the cornerstone in Caledonia’s strategy to create a mid-tier, multi-asset gold producer focussed on Zimbabwe.”

He added; “Now that the Transaction has completed, Caledonia will commission its own feasibility study to identify the most appropriate way to commercialise this asset having regard to the availability of funding with the objective of maximising Caledonia’s net present value per share. I anticipate the feasibility study will take 12 to 14 months to complete.”

Bilboes is a large, high-grade gold deposit located approximately 75 km north of Bulawayo. Historically, it has been subject to a limited amount of open-pit mining.

The mine has probable mineral reserves of 1.96 million ounces of gold in 26.64 million tonnes at a grade of 2.29 g/t, and measured and indicated mineral resources
of 2.56 million ounces of gold in 35.18 million tonnes at a grade of 2.26 g/t, and inferred mineral resources of 577,000 ounces of gold in 9.48 million tonnes at a grade of 1.89 g/t1

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Since !989 the project has produced approximately 288,000 ounces of gold since

A feasibility study prepared by the vendors indicates the potential for an open-pit gold mine producing an average of 168,000 ounces per year over a 10-year life of

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